RBI Imposes Monetary Penalty on Five Banks

The Reserve Bank of India (RBI) has imposed monetary penalties on five banks because of non-adherence to regulatory compliance. Shree Mahayogi Lakshmamma Co-operative Bank Ltd. The Reserve Bank of India (RBI) has imposed, by an order dated January 02, 2023, a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Shree Mahayogi Lakshmamma Cooperative […]

RBI issued Notification on: Note Sorting Machines – Authentication and Fitness Sorting Parameters

The Reserve Bank of India (RBI) issued notification on note Sorting Machines Authentication and Fitness Sorting Parameters. Guidelines on Note Authentication and Fitness Sorting Parameters Introduction A fit note is a note that is genuine, sufficiently clean to allow its denomination to be readily ascertained and thus suitable for recycling. An unfit note is a […]

RBI Issued Directive to All Payment System Providers and Payment System Participants

RBI Issued Directive to All Payment System Providers and Payment System Participants – Restriction on Storage of Actual Card Data [i.e. Card-on-File (CoF)]. NOTIFICATIONS RBI/2022-23/77 CO.DPSS.POLC.No.S-567/02-14-003/2022-2 Reference is invited to Reserve Bank of India (RBI) circulars DPSS.CO.PD.No.1810/02.14.008/ 2019-20 dated March 17, 2020 and CO.DPSS.POLC.No.S33/02-14-008/2020-2021 dated March 31, 2021 on “Guidelines on Regulation of Payment Aggregators and Payment Gateways”, and CO.DPSS.POLC.No.S-516/02-14-003/2021-22 […]

Individual Housing Loans by Cooperative Banks – Enhancement in Limits

The Reserve Bank of India (RBI) has decided to increase the existing limits on individual housing loans by cooperative banks. Accordingly, the limits for Tier I /Tier II UCBs shall stand revised from ₹30 lakh/ ₹70 lakh to ₹60 lakh/ ₹140 lakh, respectively. Extant guidelines prescribe prudential limits on the amount of individual housing loans […]

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